Latest Articles

Brokerage, Consumer News, Industry, Misc

December 4, 2018

Three Tips to Convert More Prospects into Clients

You know what a gas guzzler is? It's a big clunker that gulps gas like a thirsty old dog. And if you’ve been in real estate for more than a month you know what a time guzzler is as well. A prospect that drinks up your time.

Can you imagine how much more productive (not to mention richer) you’d be if you could convert more of those time guzzlers into buying clients?

The good news is you can, and here’s how:

1. Track your conversion rate. Most agents have no idea what their conversion rate is. Can you picture Tiger Woods not knowing what par is on any given hole he’s playing? It’s the same for you as a professional in real estate. You have to get a baseline on paper. How many calls are you making to get appointments? How many of your appointments lead to closings?

One of the most important things I do with my clients is set them up with an online program that tracks their conversion rates automatically. They always know the score, just like the pros.

Here’s a link to show you what I’m talking about a four-year summary of my clients’ prospecting you can use as a measuring stick to see how well you stack up. It features 21 categories of comparisons like commission per hour (the average is $1,812, yes, that’s per hour) or how much you can make every time you dial a phone number ($112).

2. Know (and practice) your scripts. When I was in grade school and missed a spelling word, I had to write it 25 times. Guess what? I became a better speller. It’s the same concept with your scripts. When you practice your scripts, you internalize them, and they become a natural part of your sales arsenal.

I recommend role-playing as a way to practice. Here’s another link to “Guidelines for Role Playing” that has several real-life scenarios with both buyers and sellers.

And one more reference to Tiger Woods: Do you know how many practice shots he, the number one golfer in the world, takes in a day? 1,000.

Do you want to be the number one agent in your area? Start practicing!

3. Know the goal. It’s easy to blame vacillating prospects for not converting more sales, but some Realtors® shoot themselves in the foot by not knowing the true goal of prospecting (to get the appointment). If you take away one thing from this article, let it be this: You can’t sell a house without an appointment.

But also know the five steps that lead you to the appointment:

Location -– Where do they want to buy?

Price -– What do they want to pay?

Motivation -– What’s driving them to buy?

Other agents -– Is there another agent involved?

Mortgage –- Are they approved for a mortgage?

Then the goal: Close for the appointment.

These steps are the absolute crux of selling real estate because they tell you exactly who you are dealing with: an A, B or C buyer.

You want to focus on A buyers while keeping track of B and C buyers with a drip system and regular calls.

Knowing your conversion rates, practicing your scripts and understanding the goal will help you turn time guzzlers into buying clients.

Bob Corcoran is a nationally recognized speaker who is founder and president of Corcoran Consulting & Coaching.